It was totally manipulated by the Cartel Powers in control. the entire mining sector, and precious metals taken down by the power structure of Govt/Wall street orchstrated campaign of naked shorting. Totally manipulated. had little to do with any concept of a bear market or bull market in any cyclic concept. Totally contrived and manipulated by the PTB.plus....it went soaring up in the fall of 2010 because it was pumped up by the same Cartel, so that JPM could short the silver market and manage the derivatives it took over from ,who was it, morgan stanley? back in 08 when Lehman was liquidated. All orchestrated and manipulated.
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